Else Nutrition, Plant-based Food Startup, Receives Huge Welcome on the Toronto Stock Exchange
The innovative nutrition company raises $7.5 million CAD and will launch its revolutionary 100% plant-based non-soy alternative to dairy baby formula
TEL AVIV, Israel, June 26, 2019 /PRNewswire/ -- Else Nutrition Holdings Inc., is pleased to announce that it started trading on the TSX Venture Exchange on June 18 as a Tier 2 'Technology' company, under the trading symbol "BABY." The Israeli company was well-received by Canadian investors with a massive 176% rise on the first day of trading.
"We are thrilled by the warm welcome we have received from the market and investment community," says Hamutal Yitzhak, company Co-Founder and CEO.
The $7.5 million CAD investment was raised by Canaccord Genuity Inc. The transaction was performed via an RTO (Reverse Take Over) into a capital pool company CPC (formerly ASB Capital Inc.) traded on the TSX in Canada.
Else Nutrition developed a breakthrough 100% plant-based baby formula that is produced from protein-rich almonds and buckwheat, in a natural process, without purified oil blends. The formula is non-dairy, non-soy, and free of hormones, antibiotics, gluten and GMO. It meets the nutritional golden standard of breast milk while providing a solution for lactose intolerance, allergies and other sensitivities. It has a small environmental footprint and it will reduce animal and environmental abuse.
Award-winning Else Nutrition products bring the first real alternative to dairy and soy-based baby formula products in a market that did not see many innovations in more than 100 years. Recognized as next generation baby nutrition, the company has been granted patents in the U.S., Australia, Israel, Japan and Eurasia, and has patents pending in over 50 other countries.
According to Adroit Market Research, the global baby food & infant formula market will grow to more than $120 billion USD by 2025, at an annual growth rate (CAGR) of 7.3%.
"Else offers tremendous opportunities for investors and consumers," adds Yitzhak. "Parents are actively seeking alternatives to dairy products and are moving away from soy-based products. We aim to free the market from its overdependence on dairy and soy-based products. We will be part of the long-term solution."
The injection of capital will allow Else Nutrition to immediately commence production ramp-up and to start its go-to-market preparations.
Else plans to launch powder and liquid formula products for toddlers (12 to 36 months old babies) in the U.S. market during the 2nd quarter of 2020, targeting initially parents of babies that suffer from allergies, and vegan families that prefer not to feed their babies with dairy products.
About Else Nutrition
Tel-Aviv based startup Else Nutrition was established in 2018, following years of R&D. It creates novel, plant-based nutrition products for the infant, toddler, children and adult markets. Its revolutionary 100% plant-based non-soy alternative to dairy-based baby formula received the "Best Health and Diet Solutions" award in the Global Food Innovation Summit in Milan in May 2017.
Else's three Israeli co-founders, Hamutal Yitzhak, Uriel Kesler and Michael Azar, are veterans of the infant nutrition industry, including Materna (acquired by Nestlé), Abbott Nutrition, and Promedico.
Learn more about Else Nutrition at www.elseformula.com
For further information, please contact:
Hamutal Yitzhak, CEO of Else Nutrition
[email protected]
SOURCE Else Nutrition Holdings Inc.,
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